Section 65 ILCS 125/70 - Dissolution(a) After a public hearing on the subject of dissolution, the governing body may dissolve by ordinance any business improvement district in either of the following circumstances:(1) If the governing body finds there has been misappropriation of funds, malfeasance, or a violation of law in connection with the management of the business improvement district; or(2) Each year during the term of the business improvement district, there shall be a 60-day period in which property owners who paid more than 50% of the total of district charges levied in the prior year may request dissolution of a business improvement district by a written petition that conforms to the petition signature requirements set forth in Section 75. The first period shall begin 60 days prior to one year after the date of establishment of the district and shall continue for 60 days. The next 60-day period shall begin 60 days prior to 2 years after the date of the establishment of the district. Each successive year during the term of the district shall have a 60-day period beginning 60 days after the anniversary of the date of the establishment of the district.(b) The governing body shall adopt a resolution of intention to dissolve the business improvement district prior to a public hearing required by this section. The resolution shall state the reason for the dissolution, shall state the time and place of the public hearing, and shall contain a proposal to dispose of any assets acquired with the revenues of district charges levied on behalf of the business improvement district in accordance with subsection (d).(c) Notice shall be given and public hearings shall be held in accordance with Sections 80 and 85.(d) Upon the dissolution or expiration without renewal of a district, and after all outstanding debts are paid, any remaining revenues derived from the levy of district charges, including any remaining revenues from district charges collected after dissolution, or derived from the sale of assets acquired with these revenues or construction funds, shall be either: (i) refunded to the property owners then located or operating within the business improvement district in which district charges were levied by applying the same method and basis that was used to calculate the district charges levied in the fiscal year in which the district dissolves or expires; or (ii) spent on activities or improvements specified in the district plan under a valid and enforceable contract executed by the board of directors of a business improvement district or the district management association, whichever may be applicable, prior to the dissolution. If the dissolution occurs before district charges are levied for the fiscal year, the method and basis that was used to calculate district charges levied in the immediate prior fiscal year shall be used to calculate the amount of any refund. Added by P.A. 103-0646,§ 70, eff. 7/1/2024.